Mr. Cathal Marley:

Currently, Irish Water is borrowing on a one-year rolling basis. That would not be typical for a utility but it would be typical for a start-up utility. We fund our gas business on a ten-year, 15-year or 20-year basis, so that is the type of money one would get. If we compare the current cost of Irish Water borrowing on a one-year basis with that of Government borrowing on a one-year basis, there is a difference of approximately 1.4%, which is in the region of €13 million. In reality, if the Government were to fund us, rather than us getting one-year facilities that we have with eight international banks, it would not fund on a one-year basis. Very little money is raised by the State on a one-year basis. It is more likely on a ten-year plus basis so the difference would be more likely 0.5%, which is approximately €5 million. If we compare the cost of funding our gas business on a ten-year basis with the State borrowing cost on a ten-year basis, there is a difference of approximately €4 million or 0.5%.